Executive Summary U.S. livestock and meat trade figures provided by USDA were recently updated with values spanning through Apr ’18. Highlights from the updated report include:

• Apr ’18 net pork trade increased on a YOY basis for the eighth consecutive month, finishing up 22.3%. Pork export volumes increased on a YOY basis for the 22^nd time in the past 23 months, finishing at a new monthly record high.
• Net beef & veal trade finished at a positive level for the seventh time in the past eight months during Apr ’18 as export volumes reached a record seasonal high for the month of April.
• Net broiler trade increased 13.2% YOY during Apr ’18 as export volumes increased to a five year seasonal high for the month of April. The YOY increase in net broiler trade was the largest experienced throughout the past six months.

Additional Report Details Pork – Exports Increase to a Record Monthly High, Net Trade Finishes up 22.3% YOY According to USDA, Apr ’18 U.S. pork export volumes increased 18.4% YOY, finishing at a new monthly record high. Pork export volumes have finished higher on a YOY basis over 23 of the past 24 months through Apr ’18. Of the major export destinations, YOY increases in export volumes on an absolute basis were led by shipments destined to Mexico (+41.1%), followed by shipments destined to South Korea (+69.7). U.S. pork export volumes destined to Japan (-7.8%), China, Hong Kong and Taiwan (-11.2%) and Canada (-4.7%) finished lower throughout the month. U.S. pork export volumes destined to the aforementioned countries accounted for over 80% of all pork export volumes during Apr ’18. U.S. pork import volumes increased on a YOY basis for the 12^th time in the past 13 months during Apr ’18, finishing up 2.9%. The increase in pork export volumes more than offset the increase in import volumes experienced throughout Apr ’18, however, resulting in U.S. net pork trade finishing up 22.3% YOY. The monthly YOY increase in net pork trade was the eighth experienced in a row. ’16-’17 annual net pork trade finishing up 13.1% YOY, reaching a five year high, while ’17-’18 YTD net trade is up an additional 8.4% throughout the first seven months of the production season. Recently announced tariffs on U.S. pork exports destined to China could impact export volumes going forward. China announced an additional 25% tariff on pork imports originating from within the U.S. during early Apr ’18. China has accounted for approximately seven percent of total U.S. pork export volumes throughout the past 12 months. Beef & Veal – Exports Increase to a Record Seasonal High, Net Trade Remains Slightly Positive Apr ’18 U.S. beef export volumes increased 16.1% YOY, finishing higher on a YOY basis for the 22^nd consecutive month. Overall, beef export volumes reached a record seasonal high for the month of April, finishing 25.1% above three year average seasonal figures. Of the major export destinations, YOY increases in export volumes on an absolute basis were led by shipments destined to South Korea (+63.1%), followed by shipments destined to Mexico (+30.6%), Japan (+8.8), China, Hong Kong and Taiwan (+7.0%) and Canada (+11.1%). U.S. beef & veal export volumes destined to the aforementioned countries accounted for over 85% of all beef & veal export volumes during Apr ’18. Apr ’18 U.S. beef & veal import volumes declined on a YOY basis for the second consecutive month, finishing down 5.8%. The increase in beef & veal export volumes, coupled with the decline in import volumes, contributed to net beef & veal trade remaining at a positive level for the seventh time in the past eight months. ’16-’17 annual beef & veal net trade finished at a negative level for the fourth consecutive year, despite export volumes reaching a record annual high, however ’17-’18 YTD net trade has remained at a positive level throughout the first seven months of the production season. Broilers – Exports Increase to a Five Year Seasonal High, Net Trade Finishes up 13.2% YOY Apr ’18 U.S. broiler export volumes increased 12.9% YOY, finishing higher for just the second time in the past five months. Broiler export volumes increased to a five year seasonal high for the month of April, finishing 7.5% above three year average seasonal figures. Export volumes destined to China, Hong Kong and Taiwan (+67.3%) and Mexico (+22.0%) finished most significantly higher on an absolute basis throughout the month. YOY declines in broiler export volumes were led by shipments destined to Kazakhstan (-65.7%), the United Arab Emirates (-70.5%) and Chile (-33.9%). U.S. broiler import volumes declined on a YOY basis for the first time in the past three months during Apr ’18, finishing down 1.9%. Broiler import volumes remain at insignificant levels relative to export volumes, as Apr ’18 imports amounted to just 1.7% of export volumes. The YOY increase in broiler export volumes, coupled with the YOY decline in import volumes, resulted in U.S. broiler net trade finishing up 13.2% YOY during Apr ’18. The YOY increase in net broiler trade was the largest experienced throughout the past six months on a percentage basis. ’16-’17 annual net broiler trade finished up 5.0% YOY to a three year high, while ’17-’18 YTD net trade is up an additional 3.4% throughout the first seven months of the production season. Overall, combined net trade of U.S. pork, beef and broilers finished higher on a YOY basis for the fourth consecutive month, increasing by 198.7 million pounds, or 23.5%. The YOY increase in combined net trade of pork, beef and broilers was the largest experienced throughout the past 15 months.